CITIC, QIA agree on US$10b JV fund
Print Edition
THE Qatar Investment Authority, one of the world’s most aggressive investors, signed an agreement yesterday with CITIC Group Corp to launch a US$10 billion fund that will invest in the region, the chief executive of the Qatari sovereign wealth fund said in Beijing.
QIA, which is estimated to have around US$170 billion, and state-owned conglomerate CITIC Group signed a memorandum of understanding to launch the 50-50 investment fund, QIA CEO Ahmed Al-Sayed said at an investment conference.
The joint-venture fund appears to be part of QIA’s efforts to diversify away from its traditionally Europe-focused portfolio as the European economy continues to stagnate.
“We’ve just done a deal in Europe, and we’ll continue doing deals in Europe,” Al-Sayed said. “But as a global fund, also we need to diversify asset allocations and geographical location but we will continue in Europe, of course.”
QIA is looking for new partners as it plans to invest between US$15 billion and US$20 billion in Asia in the next five years, he said.
The fund is also expanding its office in Beijing as it considers investments in China’s property, infrastructure and health care sectors.
Al-Sayed also pointed to potential opportunities in the consumer, services and tech, media and telecommunications sector but emphasized that QIA would look at any promising investment.
Known as a savvy negotiator and aggressive dealmaker, al-Sayed took the helm at QIA in 2013 when the newly crowned emir, Sheikh Tamim bin Hamad al-Thani, shook up the fund as he restructured Qatar after his father’s abdication.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
